Forex Today: focus on Trump and Boris’s manifesto

FXStreet Team FXStreet

Here is what you need to know Monday, November 25th:

Trade tensions between the US and China and UK elections/Brexit remain as the main market motors. The dollar closed the week with a strong note amid robust local data and discouraging macroeconomic figures elsewhere.
Stagnated EU manufacturing activity, and contracting services output weighed on the shared currency. EUR/USD barely holding above 1.1000.
GBP/USD eased amid dismal manufacturing and services activity, although it held above a critical support, the 23.6% retracement of its October rally. Over the weekend, the UK PM, Boris Johnson, unveiled the Conservative Party’s manifesto, focused on moving on from Brexit and austerity, and pledging not to raise income taxes. The headlines are Pound-positive, although probably not enough to push the pair back to the 1.2900 region.
UK polls continue showing an over 10 points lead of Conservatives over Labour.
Gold came under selling pressure on Friday amid renewed trade deal hopes, after US President Trump said that a trade deal with China was "potentially very close." Chinese leader Xi-Jinping also made optimistic comments. Chances that a trade deal could be reached before year-end rose back.
Equities recovered by the end of the week, although fell short of trimming early losses.
Cryptocurrencies remained pressured throughout the weekend, poised to start the week in the red.

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FXStreet Team

FXStreet

EUR/USD remains on the back foot near 1.1750

EUR/USD is coming under renewed pressure, sliding towards multi-week lows in the mid-1.1700s on Thursday. The move lower reflects another strong session for the US Dollar, with the Greenback drawing fresh support from a batch of firm US data that reinforced its underlying bid.

GBP/USD drops further, hovers around 1.3460

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3440 area, its lowest levels in around four weeks. The move reflects a firmer Greenback, supported by another round of solid US data, while a somewhat divided FOMC Minutes has added an extra layer of uncertainty around the Fed’s rate path, keeping Cable on the defensive.

Gold struggles to overcome $5,000

Gold is trading with humble gains on Thursday, hovering around the key $5,000 mark per troy ounce. The yellow metal remains underpinned by renewed geopolitical tensions in the Middle East, even as a stronger US Dollar and rising US Treasury yields across the curve limit the upside and keep price action relatively contained.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.